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Need help in managing your finance? Have trouble making car payments?...
No problem! Here's how many Americans revive their financial situation. All you need is a plan and a match.
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Signs of Stress, Fraud on Roadside
Thursday, March 26, 2009
More Vehicles Burned, Ditched in Apparent Schemes by Owners to Get Insurance Payout
Police detective Mark Menzie drove 55 miles into the desert Sunday to inspect the charred remains of a formerly silver Ford Expedition.
Later, he sat in a kitchen on the city's south side where a 19-year-old man confessed to torching his girlfriend's Chrysler PT Cruiser
At noon Monday, Mr. Menzie was picking through the smashed windshield of a 2008 Land Rover in a desert canyon. His police radio crackled as he worked; another car was spotted burning southwest of the city.
Years of no-money-down car loans followed by sinking home values and rising unemployment has made many people desperate over car payments they can no longer afford. For some, the answer is to ditch the car, report it stolen and collect the insurance money to pay it off without hurting their credit.
Authorities report a growing number of cars dumped in the Great Lakes, burned along remote New Jersey roadsides and driven into canals in California. The phenomenon is acute in Las Vegas, where sharp declines in tourism and construction have left thousands of workers unemployed and broke.
Mr. Menzie, a burly 38-year-old detective wearing jeans, dusty work boots and a two-day stubble, toted up a day's work. Four cars burned or wrecked in 24 hours: "Insurance fraud," he concluded. "Lots of desperate people out there."
As a member of the Las Vegas department's auto-theft unit, Mr. Menzie is on the front lines of a phenomenon that police departments and insurance companies worry could be burning out of control.
"The economy is stretching people to the breaking point and some of them are willing to risk criminal conviction," said James Quiggle, a spokesman for the Coalition Against Insurance Fraud, an industry-backed group. "They look at this as their own personal stimulus package."... (continue reading here)
Need help in managing your finance? Have trouble making car payments?...
No problem! Here's how many Americans revive their financial situation. All you need is a plan and a match.
--------------------------------------
Signs of Stress, Fraud on Roadside
Thursday, March 26, 2009
More Vehicles Burned, Ditched in Apparent Schemes by Owners to Get Insurance Payout
Police detective Mark Menzie drove 55 miles into the desert Sunday to inspect the charred remains of a formerly silver Ford Expedition.
Later, he sat in a kitchen on the city's south side where a 19-year-old man confessed to torching his girlfriend's Chrysler PT Cruiser
At noon Monday, Mr. Menzie was picking through the smashed windshield of a 2008 Land Rover in a desert canyon. His police radio crackled as he worked; another car was spotted burning southwest of the city.
Years of no-money-down car loans followed by sinking home values and rising unemployment has made many people desperate over car payments they can no longer afford. For some, the answer is to ditch the car, report it stolen and collect the insurance money to pay it off without hurting their credit.
Authorities report a growing number of cars dumped in the Great Lakes, burned along remote New Jersey roadsides and driven into canals in California. The phenomenon is acute in Las Vegas, where sharp declines in tourism and construction have left thousands of workers unemployed and broke.
Mr. Menzie, a burly 38-year-old detective wearing jeans, dusty work boots and a two-day stubble, toted up a day's work. Four cars burned or wrecked in 24 hours: "Insurance fraud," he concluded. "Lots of desperate people out there."
As a member of the Las Vegas department's auto-theft unit, Mr. Menzie is on the front lines of a phenomenon that police departments and insurance companies worry could be burning out of control.
"The economy is stretching people to the breaking point and some of them are willing to risk criminal conviction," said James Quiggle, a spokesman for the Coalition Against Insurance Fraud, an industry-backed group. "They look at this as their own personal stimulus package."... (continue reading here)
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